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Raffles Education's FY16 net profit slips 7%

A FALL in revenue and share of results of joint ventures eroded earnings for Raffles Education Corporation in its 2016 financial year.

PHOTO: SPH

A FALL in revenue and share of results of joint ventures eroded earnings for Raffles Education Corporation in its 2016 financial year.

Net profit fell 7 per cent to S$15.8 million from the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

For the 12 months ended June 30, revenue sank 7 per cent to S$111.0 million from the year-ago period. The drop in revenue was due to a discontinuation of its Raffles Shanghai joint venture college and a reduction in foreign student intake in Sydney, it said.